Why hire a professional property management company?

Before we dive into what a professional property management company is and the value the right property manager adds to your team, let's discuss a big myth.  Some people think that all the property manager does is collect rent, coordinate a few repairs and put a new tenant in the property when the time comes.  That is far from the truth.  A good property manager will manage all aspects of your property so you don't have to worry about anything.  A good property manager should bring value and expertise well beyond their management fees.  A good property manager should be backed by years of experience.  The best property managers are truly there to look after and protect your investment and make sure it's always rented with happy tenants.  For example, here at The Texas Property Manager, an Austin property management company, we are backed by over 15 years of experience.  We are investors and rental property owners ourselves.  We believe in going the extra mile to earn our clients' business and make sure they are happy with the services we provide.  If your current property manager is not providing this level of service, I encourage you to find a company who will.

The day to day stuff

Of course a good property manager will handle the day to day tasks of managing your rental property.  Collecting rent, managing tenants, managing maintenance requests and coordinating approved repairs all should be things your property manager takes care of.

The latest tools & technology

A good property manager will utilize the latest tools and technology to manage their business and the properties they have under management.  They should provide owner portals where owners can log in and see up to date information about their investments.  Tenant portals are a must to allow and encourage residents to pay rent online as well as other things like submitting maintenance requests.  Using the latest technology is key for property managers to stay well organized and keep things running smoothly.

Online banking

A good property manager will be setup with a merchant account so they can accept rents and make owner disbursements electronically.  This is the most effective way to ensure owners receive their disbursements as quickly as possible.

Screening applicants

This is critical.  A good property manager should have very specific written policies and checklists in place to ensure that tenant screening is done correctly and no steps are missed.  The property manager should also have a very clear written set of criteria that is provided to each applicant ahead of time so they know exactly how they will be approved or denied.  Failing to do something as simple as providing a written rejection letter to an applicant can be a liability issue.

Placing tenants

This is another important step.  Like screening applicants, your property manager should have clearly defined written processes and checklists in place to make sure all "I's" are dotted and "T's" are crossed.  There are a lot of moving parts here and you want to make sure everything is completed before handing over the keys.

Staying current with local, federal & state laws

Working within the law is critical in every aspect of managing a rental property.  Whether it's screening an applicant, placing a tenant, managing an existing tenant, or getting a new rental property ready to lease.  Failing to comply with these laws can put a property owner in serious legal trouble.  A good property manager will be up to speed on these laws and help their owners stay out of legal trouble.

Financial & tax reports

A good property manager will keep track of the internal bookkeeping for property owners.  They should provide monthly financial reports to keep property owners fully up to date on the financial status of their investment.  They should also provide the necessary year end tax documents property owners will need when it comes time to file taxes.

In conclusion, a good property manager is an important asset to have in your corner.  They are there to leverage their years of experience to help you be a successful rental property owner, and should always be there to help you protect your valuable asset.